Learning and Adaptation in Financial Markets

Thursday, May 31, 2012

Fuzzy Day 2012

During the past decade financial markets witnessed significant dislocations in traditional pricing relationships. An emerging field of evolutionary finance attempts to reconcile observed market anomalies by applying Darwin's principle of natural selection to study trading behavior and asset price dynamics. This new perspective, with Adaptive Markets Hypothesis (AMH) at its core, views markets as a competitive and adaptive mechanism as investors learn from and adapt to the changing environment. Under AMH, this market selection mechanism transfers wealth to investors who are well adapted to the environment from investors who are less adapted. This full-day conference brings together leading experts in cognitive science, behavioral and computational finance to present thought-provoking empirical and experimental evidence of human (biased) learning and to discuss implications of learning and adaptation to investment management.

SQA Members $350; Non-members $450 through 5/28.
Late registrations accepted after 5/28 with a $25 increase.

Non-members who belong to CQA, IAFE, PRMIA (sustaining), or QWAFAFEW may receive a $25 discount by entering their organization initials in the Promo Code box during the registration process.  A limited number of Student scholarships are also available.  Please contact admin@sqa-us.org to request more information.

Summary of the program:
8:30am Registration & Continental Breakfast

9:00am Nicholas Barberis, Yale School of Management, "Belief-Based Models of Under-reaction and Over-reaction"

10:00am Jasmina Hasanhodzic, Boston University, "On Alpha and Randomness in Asset Returns"

11:00am Todd Gureckis, NYU, Computation and Cognition Laboratory. "Learning and Deciding in Dynamic Environments"

11:45am Lunch (included in registration)

12:30pm Keynote: Andrew Lo, Sloan School of Management, MIT, "Adaptive Markets and the New World Order"

1:45pm Blake LeBaron, Brandeis University, "Heterogeneous Gain Learning and Long Swings in Asset Prices"

2:45pm Brian Uzzi, Northwestern University, Kellogg School of Management, "Leadership Risks and Challenges Posed by Social Networks and New Technology: Real Data, Real Effects"

3:30pm Christopher Neely, Federal Bank of St. Louis, "Lessons from the Evolution of Foreign Exchange Trading Strategies"

4:15pm SQA Annual Meeting (very brief)
4:30pm Networking Cocktail Reception
5:30pm Adjourn

The exact order and timing of presentations is subject to change without notice.  Full details on each speaker and presentation are available through the links to the right.

This event will be held at Sentry Centers, 810 7th Ave (between 52nd and 53rd) in the Empire Room, 23rd floor.  The two nearest hotels are www.flatotel.com and www.sheratonnewyork.com
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